In the last few years, the European Union
("EU") has been creating a package of
measures to enable and support the potential of digital finance.
More recently, as part of the European Digital Finance package and
seeing that the market of crypto assets is evolving, the European
Commission introduced a proposal for implementing a regulation on
Markets in Crypto-Assets ("MiCA") as
part of its digital finance strategy. As demonstrated by the recent
experiences the industry has had with the likes of FTX, 3AC,
Voyager, BlockFi and others, the need for regulation has become
increasingly important.
In this regard, MiCA seeks to regulate all those assets and
asset classes that currently fall outside of the EU regulatory
parameter, such as e-money tokens, utility tokens or
asset-referenced tokens ("crypto
assets"). It is anticipated that MiCA will come into
force in April 2023 and will, no doubt, introduce a major change in
the crypto industry. Without going into a deep
